EX-99.1 2 exhibit9913qfy2013.htm EXHIBIT Exhibit 99.1 3Q FY2013




        

            
 
 
 
 
Contact:
Ruth Pachman/Michael Herley
 
David L. Toner
 
Kekst and Company
 
Carver Bancorp, Inc.
 
(212) 521-4800
 
(718) 676-8936

            

CARVER BANCORP, INC. REPORTS THIRD QUARTER FISCAL YEAR 2013 RESULTS

New York, New York, February 8, 2013 Carver Bancorp, Inc. (the “Company”) (NASDAQ: CARV), the holding company for Carver Federal Savings Bank (“Carver” or the “Bank”), today announced financial results for its third fiscal quarter of 2013 ended December 31, 2012 (“Fiscal 2013”).

The Company reported net income of $0.5 million or a earnings per share of $0.13 for the third quarter of Fiscal 2013, compared to a net loss of $0.7 million or a loss per share of $0.26, for the prior year period. For the nine months ended December 31, 2012, the Company reported a net loss of $26 thousand or a loss per share of $0.01, compared to a net loss of $16.3 million or a loss per share of $16.81 for the prior year period.

Deborah C. Wright, Carver Bancorp Chairman and CEO said, “We are pleased to report our first quarterly profit since our real estate loan portfolio was severely impacted by the economic downturn. Our positive net income results for the quarter bring Carver's year-to-date results close to break-even. Our loan performance also continued to improve, with non-performing assets declining 5% from the prior quarter and 30% year-to-date.  While we have made tremendous progress, additional work still needs to be done to strengthen our loan portfolio.

Ms. Wright added: “We are also encouraged by the ongoing growth and market opportunity for Carver Community Cash. This product line, which was designed to meet the needs of the “unbanked” in our communities, helped contribute to record depository fees and charges for the quarter, which reached nearly $1 million. As we continue to add more services, such as our CashAccess kiosk, a self-service option, we are optimistic that revenues from this product line will continue to grow. Last, our recently announced executive management team expansion and realignment, positions us to further strengthen our new business platform and sets the stage for fiscal 2014 and beyond.”

Statement of Operations Highlights

Third Quarter Results




The Company reported net income for the three months ended December 31, 2012 of $0.5 million compared to a net loss of $0.7 million for the prior year period. The primary drivers of the net income versus the loss in the prior year period were gains on sales of loans held for sale (“HFS”) and a negative loan loss provision in the current quarter versus a build in the prior year.
Net Interest Income
Interest income decreased $1.0 million, or 14.2%, to $5.9 million in the third quarter, compared to the prior year quarter, with the decrease primarily attributed to a $102.5 million, or 20.2%, decrease in average loans. Although the average yield on loans increased 20 basis points to 5.26% from 5.06%, the decrease in average loans reduced total interest income on loans. These conditions will likely continue until average loan balances increase, given lower yields available on alternative earning assets. The average yield on mortgage-backed securities fell 66 basis points to 1.86% from 2.52% during the quarter, as higher yielding securities experienced early payoffs and were replaced with lower yielding securities.
Interest expense decreased $0.7 million, or 34.7%, to $1.2 million for the third quarter, compared to $1.9 million for the prior year quarter, as lower cost deposits replaced borrowings. The average rate on interest bearing liabilities decreased 49 basis points to 0.99% for the quarter ended December 31, 2012.

Provision for Loan Losses
The Company recorded a $0.4 million release of loan loss reserves for the third quarter compared to a $0.1 million provision for the prior year quarter. Net charge-offs of $1.5 million were recognized compared to $1.1 million in the prior year period. Charge-offs to the provision, in both quarters, were primarily related to impaired loans and loans moved to HFS. The impact of the charge-offs to the provision was partially offset by a reduction in the allowance for loan losses following reductions in loss experience and, to a lesser extent, a decline in loan balances.

Non-interest Income
Non-interest income increased $1.9 million, or 359.5%, to $2.5 million for the third quarter, compared to $0.6 million for the prior year quarter. The increase was primarily due to $1.1 million gains on sale of HFS loans and $60 thousand in capital gains on the Company's investment portfolio. Non-interest income in the prior period was impacted by HFS valuation adjustments of $0.5 million.

Non-interest Expense
Non-interest expense decreased $0.5 million to $7.3 million during the third quarter, compared to $7.8 million in the prior year quarter. Non-interest expense was lower in all categories except data processing with the largest decreases comprised of $0.2 million in compensation expenses and $0.1 million in consulting fees.

Income Taxes
The income tax expense was $68 thousand for the third quarter compared to a benefit of $1.0 million in the prior year period.


Nine Month Results




The Company reported a net loss for the nine months ended December 31, 2012 of $26 thousand compared to a net loss of $16.3 million for the prior year period. This improvement was primarily driven by reductions in the provision for loan losses and certain non-interest expense categories and increases in non-interest income.
Net Interest Income
Interest income decreased $3.4 million, or 15.7%, to $18.2 million in the nine month period, compared to the prior year period, with the decrease primarily attributed to a $129.0 million, or 23.7%, decrease in average loans. The average yield on loans increased 34 basis points to 5.25% from 4.91%, which was directly related to a reduction in non-performing loans. The decline in average loan balances did, however, decrease total interest income on loans. The average yield on mortgage-backed securities fell 76 basis points to 2.03% from 2.79% during the prior year period, as higher yielding securities experienced early payoffs and were replaced with lower yielding securities.
Interest expense decreased $1.8 million, or 32.1%, to $3.8 million for the nine month period, compared to $5.6 million for the prior year period, as lower cost deposits replaced more expensive long-term borrowings. The average rate on interest bearing liabilities decreased 41 basis points to 1.02% for the nine months ended December 31, 2012.

Provision for Loan Losses
The Company recorded a $0.4 million provision for loan losses for the nine month period, compared to $12.3 million for the prior year period. For the nine months ended December 31, 2012 net charge-offs of $5.7 million were recognized compared to $15.0 million in the prior year period. Charge-offs in both periods were primarily related to impaired loans and loans that moved to HFS.

Non-interest Income
Non-interest income increased $3.4 million, or 139.2%, to $5.9 million for the nine month period, compared to $2.5 million for the prior year period. The majority of the increase was attributable to gains on sales of loans, fee income received from a New Market Tax Credit (“NMTC”) transaction and an increase in depository fees. Non-interest income in the prior year period was impacted by HFS valuation adjustments of $0.9 million.

Non-interest Expense
Non-interest expense decreased $1.9 million to $20.8 million, or 8.4% compared to $22.7 million in the prior year period. Non-interest expense was lower in all categories except data processing, with the largest decreases comprised of $0.9 million in compensation expenses and a decline of $0.2 million in FDIC premiums.

Income Taxes
The income tax expense was $264 thousand for the nine month period compared to a benefit of $927 thousand for the prior year period.


Financial Condition Highlights
At December 31, 2012, total assets decreased $0.6 million, or 0.09%, to $640.6 million, compared to $641.2 million at March 31, 2012. The overall change was primarily due to decreases in the loan portfolio of $48.4 million, the allowance for loan losses of




$5.3 million and HFS loans of $10.6 million. These decreases were offset by increases in cash and cash equivalents of $30.2 million and $23.3 million in the investment portfolio.

Total securities increased $23.3 million, or 24.2%, to $119.5 million at December 31, 2012, compared to $96.2 million at March 31, 2012. This change reflects an increase of $24.8 million in available-for-sale securities offset by a $1.5 million decrease in held-to-maturity securities, as the Company continues to diversify its investment portfolio to increase interest earning assets.

Total loans receivable decreased $48.4 million, or 11.72%, to $364.5 million at December 31, 2012, compared to $412.9 million at March 31, 2012. The decrease resulted from $50.0 million of principal repayments and loan payoffs across all loan classifications comprised the majority of the decrease, with the largest declines in multi-family, commercial and construction loans. An additional $9.1 million in loans were transferred from held for investment to HFS and $5.7 million in principal charge offs. Decreases were partially offset by loan originations and advances of $17.4 million. The decrease of $5.3 million in the allowance for loan losses is due to stabilization in valuations of the non performing loans and the decrease in loan balances.

HFS loans decreased $10.6 million or 35.9% to $19.0 million as the Company continued to take aggressive steps to resolve troubled loans. During the year, $9.1 million in loans, net of charge-offs, transferred into the held for sale portfolio from the held for investment portfolio. This increase was offset by $19.7 million of sales and paydowns.

Total liabilities increased $0.4 million, or 0.07%, to $585.0 million at December 31, 2012, compared to $584.6 million at March 31, 2012, due to an increase in borrowings of $30.0 million and an increase in other liabilities of $1.4 million partially offset by reductions in deposits of $30.9 million.

Deposits decreased $30.9 million, or 5.81%, to $501.6 million at December 31, 2012, compared to $532.6 million at March 31, 2012, due principally to $10 million of planned withdrawals from non-interest bearing control disbursements accounts and management's decision to release higher cost certificates of deposit.

Advances from the Federal Home Loan Bank of New York (“FHLB-NY”) and other borrowed money increased $30.0 million, or 69.02%, to $73.4 million at December 31, 2012, compared to $43.4 million at March 31, 2012, as the Company added short-term borrowings during the nine month period to replace previously terminated long-term borrowings.

Total equity decreased $1.0 million, or 1.80%, to $55.6 million at December 31, 2012, compared to $56.6 million at March 31, 2012. The decline reflects a net loss before taxes of $0.9 million (excluding non-controlling interest).

Asset Quality
At December 31, 2012, non-performing assets totaled $57.6 million, or 8.98% of total assets, compared to $86.4 million or 13.47% of total assets at March 31, 2012, and $93.9 million or 14.01% of total assets at December 31, 2011. Non-performing assets at December 31, 2012 were comprised of $12.0 million of loans 90 days or more past due and non-accruing, $18.0 million of loans classified as a troubled debt restructuring, $5.6 million of loans that are either performing or less than 90 days past due that have been classified as impaired, $3.0 million of Real Estate Owned, and $19.0 million of loans classified as HFS.





The allowance for loan losses was $14.5 million at December 31, 2012, which represents a ratio of the allowance for loan losses to non-performing loans of 40.72% compared to 36.31% at March 31, 2012. The ratio of the allowance for loan losses to total loans was 3.97% at December 31, 2012, a decline from 4.80% at March 31, 2012.

About Carver Bancorp, Inc.
Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank, founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. Carver, the largest African- and Caribbean-American run bank in the United States, operates nine full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens. For further information, please visit the Company's website at www.carverbank.com.

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks and uncertainties. More information about these factors, risks and uncertainties is contained in our filings with the Securities and Exchange Commission.





CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
$ in thousands except per share data
December 31,
 
March 31,
ASSETS
2012
 
2012
Cash and cash equivalents:
 
 
 
    Cash and due from banks
$
114,292

 
$
89,872

    Money market investments
7,558

 
1,825

         Total cash and cash equivalents
121,850

 
91,697

Restricted cash
6,416

 
6,415

Investment securities:
 
 
 
     Available-for-sale, at fair value
109,936

 
85,106

Held-to-maturity, at amortized cost (fair value of $10,191 and $11,774 at December 31, 2012 and March 31, 2012, respectively)
9,565

 
11,081

Total investments
119,501

 
96,187

 
 
 
 
Loans held-for-sale (“HFS”)
18,991

 
29,626

 
 
 
 
Loans receivable:
 
 
 
     Real estate mortgage loans
330,655

 
367,611

     Commercial business loans
33,535

 
43,989

     Consumer loans
264

 
1,258

Loans, net
364,454

 
412,858

     Allowance for loan losses
(14,483
)
 
(19,821
)
          Total loans receivable, net
349,971

 
393,037

Premises and equipment, net
8,885

 
9,573

Federal Home Loan Bank of New York (“FHLB-NY”) stock, at cost
3,368

 
2,168

Accrued interest receivable
2,359

 
2,256

Other assets
9,297

 
10,271

          Total assets
$
640,638

 
$
641,230

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
LIABILITIES:
 
 
 
Deposits:
 
 
 
     Savings
96,226

 
101,079

     Non-Interest Bearing Checking
61,676

 
67,202

     NOW
25,044

 
28,325

     Money Market
113,417

 
109,404

     Certificates of Deposit
205,286

 
226,587

Total Deposits
501,649

 
532,597

     Advances from the FHLB-New York and other borrowed money
73,403

 
43,429

     Other liabilities
9,986

 
8,585

          Total liabilities
585,038

 
584,611

 
 
 
 
Stockholders' equity:
 
 
 
Preferred stock, (par value $0.01, per share), 45,118 Series D shares, with a liquidation preference of $1,000 per share, issued and outstanding
45,118

 
45,118

Common stock (par value $0.01 per share: 10,000,000 shares authorized; 3,697,264 issued; 3,695,320 and 3,695,174 shares outstanding at December 31, 2012 and March 31, 2012, respectively)
61

 
61

Additional paid-in capital
55,574

 
54,068

Accumulated deficit
(45,125
)
 
(45,091
)
Non-controlling interest
95

 
2,751

Treasury stock, at cost (1,944 shares at December 31, 2012 and 2,090 and March 31, 2012, respectively).
(417
)
 
(447
)
Accumulated other comprehensive income
294

 
159

          Total stockholders' equity
55,600

 
56,619

Total liabilities and stockholders' equity
$
640,638

 
$
641,230

 
 
 
 




CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
Three Months Ended
 
Nine Months Ended
$ in thousands except per share data
December 31,
 
December 31
 
2012
 
2011
 
2012
 
2011
Interest Income:
 
 
 
 
 
 
 
   Loans
$
5,325

 
$
6,416

 
$
16,398

 
$
20,076

   Mortgage-backed securities
215

 
279

 
783

 
1,018

   Investment securities
349

 
114

 
857

 
340

   Money market investments
38

 
102

 
156

 
151

     Total interest income
5,927

 
6,911

 
18,194

 
21,585

 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
   Deposits
868

 
1,069

 
2,750

 
3,012

   Advances and other borrowed money
342

 
785

 
1,033

 
2,560

     Total interest expense
1,210

 
1,854

 
3,783

 
5,572

 
 
 
 
 
 
 
 
Net interest income
4,717

 
5,057

 
14,411

 
16,013

   Provision for loan losses
(398
)
 
113

 
386

 
12,290

Net interest income after provision for loan losses
5,115

 
4,944

 
14,025

 
3,723

 
 
 
 
 
 
 
 
Non-interest income:
 
 
 
 
 
 
 
Depository fees and charges
964

 
740

 
2,652

 
2,212

Loan fees and service charges
170

 
203

 
565

 
689

Gain on sale of securities, net
60

 
—

 
60

 
—

Gain on sale of loans, net
1,109

 
19

 
1,714

 
154

Loss on real estate owned
—

 
(91
)
 
(288
)
 
(216
)
New Market Tax Credit ("NMTC") fees
—

 
—

 
625

 
—

Lower of Cost or market adjustment on loans held for sale
—

 
(530
)
 
—

 
(905
)
Other
238

 
212

 
587

 
539

Total non-interest income
2,541

 
553

 
5,915

 
2,473

 
 
 
 
 
 
 
 
Non-interest expense:
 
 
 
 
 
 
 
   Employee compensation and benefits
2,819

 
3,006

 
8,243

 
9,188

   Net occupancy expense
910

 
903

 
2,684

 
2,805

   Equipment, net
314

 
329

 
889

 
1,029

   Data processing
326

 
216

 
842

 
596

   Consulting fees
63

 
165

 
243

 
370

   Federal deposit insurance premiums
320

 
369

 
994

 
1,177

   Other
2,552

 
2,788

 
6,933

 
7,531

      Total non-interest expense
7,304

 
7,776

 
20,828

 
22,696

 
 
 
 
 
 
 
 
Profit/(Loss) before income taxes
352

 
(2,279
)
 
(888
)
 
(16,500
)
   Income tax expense (benefit)
68

 
(1,004
)
 
264

 
(927
)
Net income/(loss) before attribution of noncontrolling interest
284

 
(1,275
)
 
(1,152
)
 
(15,573
)
Non Controlling interest, net of taxes
(190
)
 
(595
)
 
(1,126
)
 
687

Net income/(loss)
$
474

 
$
(680
)
 
$
(26
)
 
$
(16,260
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings/(loss) per common share:
 
 
 
 
 
 
 
       Basic
$
0.13

 
$
(0.26
)
 
$
(0.01
)
 
$
(16.81
)
       Diluted
$
0.13

 
N/A
 
N/A
 
N/A




CARVER BANCORP, INC. AND SUBSIDIARIES
Non Performing Asset Table
 
 
 
 
 
 
 
 
 
 
 
$ in thousands
December 2012
 
September 2012
 
June 2012
 
March 2012
 
December 2011
Loans accounted for on a non-accrual basis (1):
 
 
 
 
 
 
 
 
 
Gross loans receivable:
 
 
 
 
 
 
 
 
 
One-to-four family
$
7,249

 
$
6,094

 
$
7,363

 
$
6,988

 
$
12,863

Multi-family
483

 
1,724

 
1,790

 
2,923

 
2,619

Commercial real estate
18,872

 
14,145

 
16,487

 
24,467

 
26,313

Construction
1,230

 
4,258

 
4,658

 
11,325

 
17,651

Business
7,718

 
8,717

 
9,337

 
8,862

 
9,825

Consumer
14

 
15

 
—

 
23

 
4

Total non-performing loans
$
35,566

 
$
34,953

 
$
39,635

 
$
54,588

 
$
69,275

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other non-performing assets (2):
 
 
 
 
 
 
 
 
 
Real estate owned
$
2,996

 
$
2,119

 
$
1,961

 
$
2,183

 
$
2,183

Loans held for sale
18,991

 
26,830

 
30,163

 
29,626

 
22,490

Total other non-performing assets
21,987

 
28,949

 
32,124

 
31,809

 
24,673

Total non-performing assets (3):
$
57,553

 
$
63,902

 
$
71,759

 
$
86,397

 
$
93,948

 
 
 
 
 
 
 
 
 
 
Non-performing loans to total loans
9.76
%
 
9.20
%
 
10.17
%
 
13.22
%
 
15.12
%
Non-performing assets to total assets
8.98
%
 
10.01
%
 
11.13
%
 
13.47
%
 
14.01
%
 
 
 
 
 
 
 
 
 
 
(1) Non-accrual status denotes any loan where the delinquency exceeds 90 days past due and in the opinion of management the collection of contractual interest and/or principal is doubtful. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on assessment of the ability to collect on the loan.
(2)  Other non-performing assets generally represent loans that the Bank is in the process of selling and has designated held for sale or property acquired by the Bank in settlement of loans less costs to sell (i.e., through foreclosure, repossession or as an in-substance foreclosure).  These assets are recorded at the lower of their cost or fair value.
(3)  Troubled debt restructured loans performing in accordance with their modified terms for less than six months and those not performing in accordance with their modified terms are considered non-accrual and are included in the non-accrual category in the table above. At December 31, 2012 there were $5.1 million TDR loans that have performed in accordance with their modified terms for a period of at least six months. These loans are generally considered performing loans and are not presented in the table above.













CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended December 31,
 
2012
 
2011
$ in thousands
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Balance
 
Interest
 
Yield/Cost
 
Balance
 
Interest
 
Yield/Cost
 
 
 
 
 
 
 
 
 
 
 
 
Interest Earning Assets:
 
 
 
 
 
 
 
 
 
 
 
Loans (1)
$
404,613

 
$
5,325

 
5.26
%
 
$
507,153

 
$
6,416

 
5.06
%
Mortgaged-backed securities
46,251

 
215

 
1.86
%
 
44,246

 
279

 
2.52
%
Investment securities
73,392

 
267

 
1.46
%
 
24,169

 
81

 
1.33
%
Restricted Cash Deposit
6,415

 
—

 
0.03
%
 
6,397

 
—

 
0.03
%
Equity securities (2)
2,545

 
23

 
3.60
%
 
2,655

 
30

 
4.42
%
Other investments and federal funds sold
66,899

 
97

 
0.58
%
 
63,309

 
105

 
0.66
%
Total interest-earning assets
600,115

 
5,927

 
3.95
%
 
647,929

 
6,911

 
4.27
%
Non-interest-earning assets
9,273

 
 
 
 
 
6,921

 
 
 
 
Total assets
$
609,388

 
 
 
 
 
$
654,850

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Bearing Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
   Now demand
$
25,054

 
10

 
0.16
%
 
$
27,191

 
11

 
0.16
%
   Savings and clubs
97,391

 
64

 
0.26
%
 
102,960

 
68

 
0.26
%
   Money market
112,044

 
201

 
0.71
%
 
83,690

 
251

 
1.19
%
   Certificates of deposit
204,609

 
582

 
1.13
%
 
193,358

 
728

 
1.49
%
   Mortgagors deposits
2,282

 
11

 
1.92
%
 
2,309

 
11

 
1.89
%
Total deposits
441,380

 
868

 
0.78
%
 
409,508

 
1,069

 
1.04
%
Borrowed money
43,737

 
342

 
3.11
%
 
88,679

 
785

 
3.51
%
Total interest-bearing liabilities
485,117

 
1,210

 
0.99
%
 
498,187

 
1,854

 
1.48
%
Non-interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
   Demand
60,117

 
 
 
 
 
84,585

 
 
 
 
   Other liabilities
9,329

 
 
 
 
 
8,449

 
 
 
 
Total liabilities
554,563

 
 
 
 
 
591,221

 
 
 
 
Stockholders' equity
54,825

 
 
 
 
 
63,629

 
 
 
 
Total liabilities & stockholders' equity
$
609,388

 
 
 
 
 
$
654,850

 
 
 
 
Net interest income
 
 
$
4,717

 
 
 
 
 
$
5,057

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest rate spread
 
 
 
 
2.96
%
 
 
 
 
 
2.79
%
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin
 
 
 
 
3.14
%
 
 
 
 
 
3.12
%
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes non-accrual loans
 
 
 
 
 
 
 
 
 
 
 
(2) Includes FHLB-NY stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 










CARVER BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCES
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended December 31,
 
2012
 
2011
$ in thousands
Average
 
 
 
Average
 
Average
 
 
 
Average
 
Balance
 
Interest
 
Yield/Cost
 
Balance
 
Interest
 
Yield/Cost
 
 
 
 
 
 
 
 
 
 
 
 
Interest Earning Assets:
 
 
 
 
 
 
 
 
 
 
 
Loans (1)
$
416,306

 
$
16,398

 
5.25
%
 
$
545,267

 
$
20,076

 
4.91
%
Mortgaged-backed securities
51,418

 
783

 
2.03
%
 
48,631

 
1,018

 
2.79
%
Investment securities
57,776

 
599

 
1.38
%
 
23,773

 
218

 
1.22
%
Restricted Cash Deposit
6,415

 
1

 
0.03
%
 
6,969

 
2

 
0.03
%
Equity securities (2)
2,545

 
70

 
3.64
%
 
2,867

 
111

 
5.14
%
Other investments and federal funds sold
77,438

 
343

 
0.59
%
 
44,877

 
160

 
0.47
%
Total interest-earning assets
611,898

 
18,194

 
3.96
%
 
672,384

 
21,585

 
4.28
%
Non-interest-earning assets
8,139

 
 
 
 
 
3,015

 
 
 
 
Total assets
$
620,037

 
 
 
 
 
$
675,399

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Bearing Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
   Now demand
$
26,016

 
31

 
0.16
%
 
$
26,451

 
32

 
0.16
%
   Savings and clubs
99,495

 
197

 
0.26
%
 
105,112

 
208

 
0.26
%
   Money market
110,241

 
598

 
0.72
%
 
76,232

 
608

 
1.06
%
   Certificates of deposit
212,432

 
1,894

 
1.19
%
 
198,780

 
2,135

 
1.43
%
   Mortgagors deposits
2,193

 
30

 
1.82
%
 
2,392

 
30

 
1.66
%
Total deposits
450,377

 
2,750

 
0.81
%
 
408,967

 
3,013

 
0.98
%
Borrowed money
43,857

 
1,033

 
3.13
%
 
99,806

 
2,561

 
3.41
%
Total interest-bearing liabilities
494,234

 
3,783

 
1.02
%
 
508,773

 
5,574

 
1.45
%
Non-interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
   Demand
62,057

 
 
 
 
 
103,069

 
 
 
 
   Other liabilities
8,160

 
 
 
 
 
8,162

 
 
 
 
Total liabilities
564,451

 
 
 
 
 
620,004

 
 
 
 
Stockholders' equity
55,586

 
 
 
 
 
55,395

 
 
 
 
Total liabilities & stockholders' equity
$
620,037

 
 
 
 
 
$
675,399

 
 
 
 
Net interest income
 
 
$
14,411

 
 
 
 
 
$
16,011

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest rate spread
 
 
 
 
2.94
%
 
 
 
 
 
2.83
%
 
 
 
 
 
 
 
 
 
 
 
 
Net interest margin
 
 
 
 
3.14
%
 
 
 
 
 
3.18
%
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes non-accrual loans
 
 
 
 
 
 
 
 
 
 
 
(2) Includes FHLB-NY stock
 
 
 
 
 
 
 
 
 
 
 




CARVER BANCORP, INC. AND SUBSIDIARIES
 
CONSOLIDATED SELECTED KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
December 31
 
December 31
 
Selected Statistical Data:
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
Return on average assets (1)
 
0.31
%
 
(0.42
)%
 
(0.01
)%
 
(4.81
)%
 
Return on average equity (2)
 
3.46
%
 
(4.27
)%
 
(0.14
)%
 
(58.71
)%
 
Net interest margin (3)
 
3.14
%
 
3.12
 %
 
3.14
 %
 
3.19
 %
 
Interest rate spread (4)
 
2.96
%
 
2.79
 %
 
2.94
 %
 
2.83
 %
 
Efficiency ratio (5)
 
100.63
%
 
138.60
 %
 
102.47
 %
 
122.77
 %
 
Operating expenses to average assets (6)
 
4.79
%
 
4.75
 %
 
10.08
 %
 
6.72
 %
 
Average equity to average assets (7)
 
9.00
%
 
9.72
 %
 
8.96
 %
 
8.20
 %
 
 
 
 
 
 
 
 
 
 
 
Average interest-earning assets to
   average interest-bearing liabilities
 
1.24

x
1.17

x
1.24

x
1.23

x
 
 
 
 
 
 
 
 
 
 
Net income (loss) per share (*)
 
$
0.13

 
$
(0.26
)
 
$
(0.01
)
 
$
(16.81
)
 
Average shares outstanding (*)
 
3,695,653
 
2,621,340

 
3,695,616

 
984,348

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31
 
 
 
 
 
2012
 
2011
 
 
 
 
 
Capital Ratios:
 
 
 
 
 
 
 
 
 
Tier 1 leverage ratio (8)
 
10.06
%
 
10.30
 %
 
 
 
 
 
Tier I risk-based capital ratio (8)
 
16.56
%
 
14.76
 %
 
 
 
 
 
Total risk-based capital ratio (8)
 
19.13
%
 
17.11
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Quality Ratios:
 
 
 
 
 
 
 
 
 
Non performing assets to total assets (9)
 
8.98
%
 
14.01
 %
 
 
 
 
 
Non performing loans to total loans receivable (9)
 
9.76
%
 
15.12
 %
 
 
 
 
 
Allowance for loan losses to total loans receivable
 
3.97
%
 
4.45
 %
 
 
 
 
 
Allowance for loan losses to non-performing loans
 
40.72
%
 
29.46
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)   Net loss, annualized, divided by average total assets.
 
 
 
 
 
 
 
 
 
(2)   Net loss, annualized, divided by average total equity.
 
 
 
 
 
 
 
 
 
(3)   Net interest income, annualized, divided by average interest-earning assets.
 
 
 
 
 
 
 
 
 
(4) Combined weighted average interest rate earned less combined weighted average interest rate cost.
 
 
 
 
 
 
 
 
 
(5) Operating expenses divided by sum of net interest income plus non-interest income.
 
 
 
 
 
 
 
 
 
(6) Non-interest expenses, annualized, divided by average total assets.
 
 
 
 
 
 
 
 
 
(7) Average equity divided by average assets for the period ended.
 
 
 
 
 
 
 
 
 
(8) These ratios reflect consolidated bank only.
 
 
 
 
 
 
 
 
 
(9) Non performing assets consist of non-accrual loans, and real estate owned
 
 
 
 
 
 
 
 
 
(*) Common stock shares reflect 1 for 15 reverse stock split which was effective on October 27, 2011